Six-state regulators sue Biden over student loan cancellation

Six Republican-led states have filed a federal lawsuit against the Biden Administration to block debt cancellation for millions of student loans.

Biden announced the cancellation of student loans for millions in August. In his announcement, borrowers who received the Pell Grant will have their $10,000 forfeited.

In a new lawsuit filed in federal court in Missouri, Iowa, Kansas, Missouri, Nebraska, South Carolina and Arkansas believes the Biden Administration has exceeded their jurisdiction.

The lawsuit filed Thursday says the cancellation policy is “not remotely adjusted to address the effects of the pandemic on federal student borrowers.”

Arkansas Attorney General Leslie Rutledge, representing the collective, said it was “unfair” to burden others with the debt of “those who chose to attend college.”

Rutledge also said that Biden is “required” by law to collect the debt and cannot be overridden.

The plan will also cut the monthly student loan payment in half, millions of loans to qualify for the reduction

In a statement, Biden made it clear that he was keeping his campaign promise when he announced debt forgiveness for borrowers.

In keeping with my campaign promise, my Administration is announcing plans to give working and middle-class families a breather as they prepare to resume federal student loan payments next month. 1 2023,” Biden tweeted while announcing the plan.

His plan would also reduce monthly student loan payments by 50 percent, fix the Public Service Loan Forgiveness program and make the current student loan system more manageable for current and future borrowers.

Roomies, what do you think of this?


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